Seven OPEC+ members — Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman — decided on 1 November 2026 in a virtual meeting to keep December required production at September levels, according to an OPEC statement and Bloomberg / The National reports.

The group finished unwinding 1.65 million barrels a day of 2023 voluntary cuts in September and still holds about 2 million b/d of earlier cuts through year-end. Combined targets for the seven remain around 31 million b/d; Saudi Arabia has the largest allocation (10.478 million b/d), followed by Russia (9.949) and Iraq (4.431).

The producers reiterated their commitment to the Declaration of Cooperation. The next monthly meeting is set for 29 November, when tougher talks on 2027 quotas and production capacity are expected.

Market context remains tense: amid conflict in the Gulf, exports through the Strait of Hormuz have been heavily disrupted, and many Gulf members are pumping below target even as they try to lift shipments on alternative routes. Bloomberg notes constraints on using higher targets and flows on the Saudi Red Sea route.

Leaving December targets unchanged was widely expected; analysts call it the “easy” decision versus 2027 policy choices after the capacity review sets new baselines.

Image: petroleum storage tanks (Wikimedia Commons, public domain).

Sources consulted: OPEC+ statement — 1 November 2026; OPEC+ Leaves Oil Output Targets Unchanged for December - Bloomberg.